A Scottsdale, Arizona-based senior living operator is set for a major expansion into its home state, joining other builders in the booming Phoenix metro market. Cadence Living and its San Diego-based development partner Global Seniors Housing acquired the 7.7-acre plot in the town of Chandler (about 20 miles southeast of Phoenix) and is set to start construction on the project later this year. Estimated about a cost of $46 million, or about $240,000 per unit, the community will feature 191 units of independent living, assisted living and memory care services.
The community will join Cadence’s brand-new community in Glendale, which opened this March with 165 senior living units, plus two others set to open in 2019 and 2020 in Mesa (170 units) and Scottsdale (135 units). That’s 661 total units opening in two years. Phoenix is certainly a booming market for both retirees and working adults, but we’ll have to wait and see how these units, plus many others from other developers, are absorbed.
